THOUGHT LEADERSHIP

Fraud is a growth industry, and payment card fraud is a growth industry on steroids. Annual card fraud runs into the tens of billions of dollars, and India remains a top destination for card fraud done on POS terminals. Existing mitigation efforts are touching only the tip of the iceberg and are focused primarily on reducing financial liability, not preventing fraud before it happens. [...]

Credit and Debit card (Card) transactions in India are on the fast track. In the first half of FY13, the volume of credit card transactions was 185.48 million, a 22.3% YoY increase while the value was Rs. 572.78 billion, and an increase 26.2%. During the same time period, debit card transactions volume was 208.43 million, an increase of 37.9% YoY while the value was Rs. 325.80 million, an increase of 32.5%. [...]

The mobile POS (mPOS) is taking off in a big way everywhere because mobile and payment technologies comprise a match in heaven, like cookies and milk - or in the case of India, curry and rice. They are naturally symbiotic because of the cost and convenience advantages they bring to merchants. In India, where small desktop payment terminals dominate the POS market, mPOS is still in a fledgling stage. [...]